According to a study, data breaches jumped by nearly 80% last year compared to 2022, with 3,205 incidents recorded. report From the Information Theft Resource Center (ITRC).
Despite the spike in breaches, the number of affected victims decreased by 16% from 2022 to a total of 353,027,892.
This drop is consistent with the continuing trend of cybercriminals shifting their focus to targeted identity fraud and scams rather than large-scale attacks, resulting in fewer victims overall.
The ITRC’s 2023 Annual Data Breach Report also highlights major changes in cybersecurity threats, revealing a doubling of breach notifications that lack specific attack details. I did.
Only 54% of notifications provided actionable information, down from nearly 100% in 2018, indicating a decline in transparency surrounding data breaches.
Security experts explained that organizations need to be more transparent when disclosing data breaches, as breach notifications become increasingly opaque.
Nick France, chief technology officer at Sectigo, said organizations can increase transparency in data breach disclosure by establishing clear policies, providing timely notifications, and open communication with stakeholders. said that it is necessary to do so.
“Cybersecurity education is paramount, and so is cooperation with law enforcement and regulators,” he said. “Thorough investigations should be conducted to identify vulnerabilities and remediation actions should be implemented to prevent future breaches.”
It is important to emphasize accountability, conduct post-incident reviews, and continuously improve response procedures.
“By implementing these strategies, organizations can ensure that critical information, such as attack vectors, is consistently included in breach disclosures,” France explained. “This not only reduces the impact on affected individuals, but also maintains trust with stakeholders.”
Key findings from the ITRC report also highlight the widespread impact of cybersecurity threats across industries.
Nearly 11% of publicly traded companies were affected by a breach, and 47% withheld attack information in their notifications.
Healthcare, financial services, and transportation sectors were more than twice as affected compared to last year, with utilities leading the way in terms of victims.
Publicly traded companies face unique challenges in maintaining cybersecurity resilience due to their high profile and exposure to scrutiny from shareholders, regulators, and the general public.
France explained that these challenges include balancing cybersecurity investments with shareholder expectations, managing complex supply chain risks, integrating vendors, and meeting regulatory compliance requirements.
“Companies must prioritize cybersecurity as a board-level issue, invest in robust cybersecurity measures, strengthen third-party risk management practices, and foster a culture of cybersecurity awareness and accountability throughout their organizations,” he said. We need to cultivate it.”
Collaborating with peers and leveraging emerging technologies can also strengthen the cybersecurity resilience of public companies.
The report also highlights that attack vectors are evolving and that cyber-attacks remain the leading cause of breaches. Although phishing and ransomware attacks have decreased slightly, zero-day exploits have increased significantly, creating new challenges for cybersecurity professionals.
Supply chain attacks are a growing concern and the number of organizations and individuals affected is increasing. Since 2018, the number of cases has skyrocketed by more than 2,600% and the number of victims has increased by 1,400%.
Claude Mandy, chief evangelist for data security at Symmetry Systems, says well-prepared organizations already have a clear threshold of “criticality.” This is an important decision required by the SEC’s new reporting rules and predefined incident response plans.
“These well-rehearsed and tested plans will foster collaboration between cybersecurity, legal, and communications teams to ensure a unified response strategy,” he said. “More importantly, organizations need to find ways to quickly determine the potential impact of a breach, even if it involves a single account.”
You should consider how to use technologies such as data security posture management (DSPM) and data detection and response to streamline investigations and determine the potential severity of an incident.
Mandy also ensures that the frequency of events that trigger the severity threshold is reduced by compromising actionable issues such as dormant identities, dormant data, and over-privileged accounts. He said there is a need to be proactive and proactive in reducing the amount of data at risk.
France noted that organizations can strengthen their cybersecurity posture through proactive measures.
“This includes regularly updating software and systems, implementing robust access controls and encryption protocols, conducting regular security assessments, and providing comprehensive cybersecurity training to employees.” he said.
Additionally, establishing an incident response plan, collaborating with industry peers and security experts, and staying informed about emerging threats can help reduce the risk of falling victim to similar attacks in the future.
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